A major hedge fund lobby group has seized upon a European Commission report clearing hedge funds of responsibility for the Greek debt crisis to again blast moves to regulate credit-default swaps.

"Radical curbs" on sovereign CDS trading are unnecessary given the finding that trading in Greek CDS had nothing to do with the crisis—indeed, the report found Greece itself primarily at fault.

"Given that the commission's own report has concluded that sovereign CDS trading did not cause the sovereign debt crisis… those policymakers who are still advocating radical curbs on the sovereign CDS market" should "take note," the Alternative Investment Management Association's Andrew Baker said.

But the European Union apparently has a different read on the "interim report."

It "clearly shows that there is no conclusive evidence one way or another," spokeswoman Chantal Hughes told Bloomberg News, despite the fact that the report says there is "no conclusive evidence" that CDS trading caused "higher funding costs."

"The results show that there is no evidence of any obvious mispricing in the sovereign bond and CDS markets," the report concluded.